Turks and Caicos Office of the Premier

IV BUSINESS VIEW CARIBBEAN VOLUME 10, ISSUE 2 This British Overseas Territory consists of two groups of islands in the Lucayan Archipelago: the larger Caicos Islands and the smaller Turks Islands, thus the name. The islands’ businesses and organizations are stable, with a strong sense of sustainability and accountability. This has positioned the country uniquely and made its economy robust. “In terms of economy, ours is very strong compared to neighboring countries in the region. This has meant healthy direct foreign investments, and the country has a significant draw given its size and population,” says Washington Misick, Premier of Turks and Caicos. Like many countries in the region, Turks and Caicos is one of the most tourism-dependent destinations in the world. This heavy dependence on tourism for its economy has meant that everyone is focused on sustaining the region’s natural beauty and leveraging those assets, which is the pristine natural environment. There is a focus on triple-bottom-line sustainability, including economic growth, social cohesion, and protecting the environment. Turks and Caicos depend heavily on its natural capital, which runs a significant part of the economy. Over the last few years, the country’s economy has been developing strongly. But there have been some challenges, recently, namely severe hurricanes in the area. Like the rest of the world, Turks and Caicos are affected by the lack of international travelers during hurricane season, but recovery is always swift. The government and tourism sector work together to ensure that buildings meet specific codes and requirements to withstand severe hurricanes. This continuous collaboration provides an excellent partnership between the two sectors on the islands, allowing external issues to be dealt with efficiently. TURKS AND CA I COS OFF I CE OF THE PREMI ERE